Residential Property Valuation report is a formal, comprehensive, independent and objective assessment of the property’s condition and its current value. Among the features of a property valuation report are:
Residential Property Valuation Report is a legal document prepared by an accredited property valuer and has standing in law courts and with government authorities, because the valuer is legally and professionally responsible for the accuracy of information contained in the report. It is prepared by the sworn valuer using a combination of onsite factors, assessment of the land and the improvements, research into current market data for similar properties, and the valuer’s skills and experience.
Residential Property Valuation Report is a comprehensive document containing specific information including not only the valuation figure but a range of data to support the valuer’s assessment of the property’s value. It has details such as the property’s location, ownership history, current condition, particulars of the land and environment, and the number and sizes of rooms. There is a valuation section showing how the property valuation has been calculated based on all of the pertinent factors..
There are many reason why one needs a Residential Property Vlauation, more common being the following:
Buying or Selling: The most common reason for a Residential Property Valuation report is when you are buying or selling a property and need to have a reliable assessment of its value. Because of the large sums of money involved it is prudent to have an accredited valuer produce an independent objective Residential Property Valuation Report to help in your decision making when you are considering selling or buying a property. If you don’t get a property valuer to look at the property then you will run the risk of selling for less, or paying more than the property is worth.
Refinancing: It is a requirement of mortgage lenders who need an independent objective assessment of a property’s value when determining how much can be borrowed to buy the property. It is different from the market-based informal valuations of a property’s worth that you might get from sources such as an online property valuation calculator or a real estate agent’s estimate. Residential Property Valuation Report for mortgages and for litigation must be carried out by accredited valuers who take legal responsibility for their work. They provide an objective but conservative valuation of your property based on both its physical features and recent sales prices for similar properties.
Family Court Proceedings: Residential Property Valuation Report is needed determine the value of assets to be divided as part of matrimonial settlements.
Probate and Estate litigation matters: Residential Property Valuation Report is needed to establish the value of real estate property being distributed under the terms of a will.
Local Authority Rating and State Land Tax Matters: Residential Property Valuation Report is needed if you disagree with an authority’s valuation of your property and want to challenge it in the Court of Law.